Apple on Monday announced that Tim Cook will be stepping down as CEO later this year, after 15 years of leading the company.
Effective September 1, Apple's hardware engineering chief John Ternus will become the company's next CEO, while Cook will become executive chairman of Apple's board of directors. In his new role, Apple said Cook will assist with "certain aspects" of the company, including "engaging with policymakers around the world."
Cook became Apple's CEO in August 2011, after Steve Jobs stepped down due to his failing health. Under his leadership, Apple became the world's most valuable company on multiple occasions, and it launched products and services such as the Apple Watch, AirPods, HomePod, Vision Pro, Apple Music, Apple TV, and much more.
Apple achieved an all-time quarterly revenue record and its highest iPhone sales ever last quarter, so Cook is leaving on an especially high note.
"It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," said Cook. "I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world."
It is the end of an era for Apple, but there is also a sense of excitement in the air given that Ternus is known as a product person, whereas Cook had more of a reputation of being an operations and supply chain expert. Apple reportedly believes that Ternus has "a more decisive leadership style" compared to Cook's "consensus" style.
"I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us," said Ternus.
